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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities:    
Net loss $ (1,384,036) $ (1,025,583)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation 818,401 103,589
Amortization 58,352 29,231
Write-off of unamortized deferred financing costs   25,629
Change in operating assets and liabilities:    
Accounts receivable 11,467 (21,844)
Franchise fees (300,000) (175,000)
Prepaid expenses and other assets (236,937) 213,946
Accounts payable 147,028 87,316
Accrued expenses 496,689 (96,979)
Due to related parties (623,882) (365,516)
Other liabilities (129,055) 10,211
Net cash used in operating activities (1,141,973) (1,215,000)
Cash Flows from Investing Activities:    
Acquisitions of hotel properties (27,190,749) (4,276,945)
Improvements and additions to hotel properties (196,753) (157,518)
Net cash used in investing activities (27,387,502) (4,434,463)
Cash Flows from Financing Activities:    
Proceeds from mortgage debt 13,597,819 5,278,868
Proceeds from lines of credit 6,200,000 500,000
Principal payments on mortgage debt (170,941) (13,466)
Principal payments on lines of credit (1,000,000) (5,229,000)
Payments of deferred financing costs (633,572) (301,960)
Proceeds from issuance of common stock 9,381,533 7,822,511
Payments of offering costs (1,612,371) (1,359,395)
Payments for shares redeemed (92,000)  
Distributions paid (691,604) (98,912)
Net cash provided by financing activities 24,978,864 6,598,646
Net change in cash, cash equivalents, and restricted cash (3,550,611) 949,183
Beginning Cash, Cash Equivalents, and Restricted Cash 16,174,371 4,032,404
Ending Cash, Cash Equivalents, and Restricted Cash 12,623,760 4,981,587
Supplemental Disclosure of Cash Flow Information:    
Interest paid 577,708 102,972
Supplemental Disclosure of Non-Cash Investing and Financing Activities:    
Debt assumed in connection with hotel property acquisition 9,998,437 9,424,156
Offering costs included in accounts payable (7,020) 170,845
Offering costs included in due to related parties (63,922) 97,999
Offering costs included in accrued expenses (20,782)  
Distributions included in accrued expenses 34,712 60,119
Distributions included in due to related parties 60,308 5,574
Reinvested distributions 418,286 115,475
Reconciliation of Cash, Cash Equivalents, and Restricted Cash:    
Cash and cash equivalents, beginning of period 10,898,556 3,732,404
Restricted cash, beginning of period 5,275,815 300,000
Cash, cash equivalents, and restricted cash, beginning of period 12,623,760 4,981,587
Cash and Cash Equivalents, at Carrying Value, Ending Balance 7,934,605 2,679,089
Restricted cash, end of period 4,689,155 2,302,498
Cash, cash equivalents, and restricted cash, end of period $ 12,623,760 $ 4,981,587